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Deutsche Bank increases its price target from $19 to $23 on Buy-rated Chesapeake Lodging (NYSE: CHSP) as Q1 results proves the company is in the right markets.

Deutsche Bank notes, "CHSP's RevPAR was up 12.2% compared to +7.2% for the Upper Upscale segment. On an EV/EBITDA basis, CHSP trades at 150 bps discount to the sector average on our 2013 estimates. We see the discount as unwarranted and look to CHSP's outperformance as 2012
unfolds and EBITDA growth drivers in 2013 to push shares higher."